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Correlation between S&P500 and USDJPY

Correlation between S&P500 and USDJPY | 10 March 2021

10 March 2021, USD/JPY

USDJPY trading plan:

The U.S. House of Representatives voted to take up a $1.9 trillion stimulus package bill on Tuesday. With the Senate already passing the bill earlier in the week, the vote enables the House of Representatives to consider the bill on Wednesday, with President Joe Biden expected to sign it into law as soon as this week. The speedier rollout of COVID-19 vaccines in some countries and the planned U.S. stimulus package helped underpin a brighter global economic outlook, the Organisation for Economic Cooperation and Development said, as it raised its 2021 growth forecast. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 108.55 and take profit 109.00.

David Johnson
Analyst of «FreshForex» company
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